Home Equity Loan vs. HELOC
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Real Estate Investment
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IRS provides guidance on premium assistance and tax credit for continuation health coverage
https://www.irs.gov/newsroom/irs-provides-guidance-on-premium-assistance-and-tax-credit-for-continuation-health-coverage
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WASHINGTON — The Internal Revenue Service today provided guidance on tax breaks under the American Rescue Plan Act of 2021 for continuation health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA).
Notice 2021-31 PDF provides guidance for employers, plan administrators, and health insurers regarding the new credit available to them for providing continuation health coverage to certain individuals under COBRA.
The American Rescue Plan provides a temporary 100% reduction in the premium that individuals would have to pay when they elect COBRA continuation health coverage following a reduction in hours or an involuntary termination of employment. The new law provides a corresponding tax credit for the entities that maintain group health plans, such as employers, multiemployer plans, and insurers. The 100% reduction in the premium and the credit are also available with respect to continuation coverage provided for those events under comparable State laws, sometimes referred to as "mini-COBRA."
Notice 2021-31 provides information regarding the calculation of the credit, the eligibility of individuals, the premium assistance period, and other information vital to employers, plan administrators, and insurers to understand the credit.
COBRA provides certain former employees, retirees, spouses, former spouses, and dependent children the right to temporary continuation of health coverage at group rates. COBRA generally covers health plans maintained by private-sector employers with 20 or more full and part-time employees. It also covers employee organizations or federal, state or local governments. State mini-COBRA laws often provide similar benefits for insured small employers not subject to Federal COBRA.
The IRS will continue to update information related to health plans on IRS.gov.
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Purchase of Inventory Using Bank Feeds Period & Perpetual Method Part 3
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IRS Advisory Council issues 2020 Annual Report
https://www.irs.gov/newsroom/irs-advisory-council-issues-2020-annual-report
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The Internal Revenue Service Advisory Council (IRSAC) today issued its annual report for 2020 PDF, including recommendations to the IRS on new and continuing issues in tax administration.
The IRSAC is a federal advisory committee that provides an organized public forum for discussion of relevant tax administration issues between IRS officials and representatives of the public. IRSAC members offer constructive observations regarding current or proposed IRS policies, programs and procedures.
The 2020 Public Report includes recommendations on 26 issues, which cover a broad range of topics, including:
Funding of the IRS
The Taxpayer First Act
Expansion of e-File
Proposal for an early exam program for Large Business
Telephone response times for the Practitioner Priority Service
Resources for Native American taxpayers and federally recognized tribes
Taxpayer Digital Communications
The IRSAC is administered under the Federal Advisory Committee Act by the Office of National Public Liaison, part of IRS Communications and Liaison, and draws its members from the taxpaying public, the tax professional community, representatives of the low income community, small and large businesses, tax-exempt and government entities, the payroll industry and academia. It is comprised of four subgroups aligned to the IRS operating divisions: Large Business & International, Small Business/Self-Employed, Tax Exempt/Government Entities and Wage & Investment.
Commissioner Chuck Rettig and IRS executives thanked members of the council whose terms end this year:
Martin Bentsen – Bentsen served on the Large Business & International Subgroup
Mike Engle – Engle served as Chair of the Tax Exempt/Government Entities Subgroup
Diana Erbsen – Erbsen served as Chair of the IRSAC
Sanford Kelsey – Kelsey served on the Large Business & International Subgroup
Phyllis Jo Kubey – Kubey served as Chair of the Wage & Investment Subgroup
Mas Kuwana – Kuwana served on the Small Business/Self-Employed Subgroup
Emily Lindsey – Lindsey served on the Small Business/Self-Employed Subgroup
Charles "Sandy" Macfarlane – Macfarlane served as Chair of the Large Business & International Subgroup
Charles Read – Read served on the Small Business/Self-Employed Subgroup
Jeffrey Schneider – Schneider served on the Small Business/Self-Employed Subgroup
Jean Swift – Swift served on the Tax Exempt/Government Entities Subgroup
Patricia Thompson – Thompson served as Chair of the Small Business/Self-Employed Subgroup
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